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E tutorial tds on property

  1. 1. eTutorial – TDS on sale of property June 1, 2013 NSDL e-Governance Infrastructure Limited Tax Information Network of Income Tax Department (managed by NSDL)
  2. 2. TDS on property • As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.
  3. 3. Payment of Tax Tax so deducted should be deposited to the Government Account through any of the authorized bank branches using the e-Tax payment option available at NSDL
  4. 4. E-payment • E-Payment facilitates payment of taxes online by taxpayers. Pre-requisite – To have a net-banking account with any of the Authorized Banks – For list of authorized banks, please refer https://onlineservices.tin.nsdl.com/etaxnew/Authorizedba nks.html
  5. 5. Steps to pay tax online • Log on to NSDL-TIN website (www.tin- nsdl.com)
  6. 6. Steps to pay tax online • Under TDS on sale of property, click on the option “Online form for furnishing TDS on property” Click on the option “TDS on sale of property’ Under TDS on sale of property, Click on the option ‘Online form for furnishing TDS on property’
  7. 7. • Select Form for Payment of TDS on purchase of Property Steps to pay tax online Click on the option “TDS on sale of property’
  8. 8. Steps to pay tax online Select Financial Year from the drop down for which payment is to be done Select Tax applicable for which payment is to be done Mention PAN of Transferee/Buyer Mention PAN of Transferor/Seller Re-enter PAN of Transferee/Buyer Re-enter PAN of Transferor/Seller
  9. 9. Steps to pay tax online Provide Complete address Transferee/Buyer Provide Complete address Transferor/Seller
  10. 10. Steps to pay tax online Provide Complete address of Property transferred Mention the date of Agreement/Booking of property Mention the Total value of consideration (Property Value) Mention if the above payment is done in Lump sum or in Installments
  11. 11. Steps to pay tax online Please select the amount paid/credited (Enter the amount paid to the Transferor/Seller) Please enter the amount paid/credited (Enter the amount paid to the Transferor/Seller) Please enter the TDS rate (Tax rate at which the TDS was deducted by the purchaser at the time of purchase of the property) Please enter the TDS amount to be paid (amount deducted by the purchaser at the time of purchase of the property)
  12. 12. Example Amount entered here should match the Amount selected from the drop down list above TDS amount should be as per the TDS rate provided above. User will not be able to proceed in case of mismatch in the TDS amount
  13. 13. Steps to pay tax online Please select the mode of payment of Tax Please select the Bank through which payment is to be made Please select the date of payment/credit to the Transferor/Seller Please select the date of tax deduction Please enter the characters seen in the above picture. After entering all the above required detail please click on PROCEED button to continue. To Clear all the details mentioned in the above form, please click on Clear Form To go to the homepage, please click on Home
  14. 14. • On proceed, confirmation page is displayed to verify the details entered Steps to pay tax online
  15. 15. Steps to pay tax online If all the above detail including the name displayed (as per ITD) is correct then, click on “SUBMIT” button In case you have made a mistake in data entry, click on “EDIT” to correct the same.
  16. 16. • On confirmation, nine digit alpha numeric Acknowledgment number would be generated 9 digit Acknowledgment Number Steps to pay tax online
  17. 17. Steps to pay tax online To do the required TDS payment, please click on ‘Submit to the Bank’ button
  18. 18. • On clicking on Submit to the Bank, deductor will have to login to the net-banking site with the user ID/ password provided by the bank for net-banking purpose. • On successful login, enter payment details at the bank site. • On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made. Steps to pay tax online
  19. 19. Points to remember • Deduct tax @ 1% from the sale consideration. • PAN of Seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction. • Do not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For the purpose of rectification you are required to contact Income Tax Department. • While completing the Online form, please note the following points:- – Fields marked with * are mandatory – Do not enter double quotes (“ ") in any of the fields.
  20. 20. Thank You In case of any further queries/concerns please contact our TIN Call Center at 020-27218080 or email us at tininfo@nsdl.co.in 20Tax Information Network of Income Tax Department (managed by NSDL)

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